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Analysts at Nomura explained that the June FOMC minutes provided a more in-depth acknowledgement of downside risks to the US outlook emanating from trade policy, but provided little new information on the expected path of policy.  

Key Quotes:

“The minutes reinforced the optimistic outlook from Chair Powell’s post-meeting press conference but also spent more time highlighting the potential downside risks from protectionist trade policy.”

“The increased concerns around trade were accompanied by a still-solid outlook for stimulative fiscal policy.”

“Thus, part of the balanced outlook appears to be the opposing forces of fiscal stimulus and increased trade uncertainty.”

“Elsewhere, the minutes added additional information on the post-meeting statement and views on the yield curve.”